Very excellent depiction of that first careful expedition! Even though Bilbo is wearing his "magic ring" thanks for including him for the benefit of the viewer. The detail of the pillars and the Dwarves' treasures is very nice as well.

It was actually a tough decision concerning the invisibility. I was going to do Bilbo seperately at the beginning and insert him as a transparent ghost like character but I chose to go against that. I just decided to put the ring in his hand instead.

An illustration even more magnificent than the more scaly of it's subjects ever will be and more fit to be treasured than any of the glittering contents of this piece! (I particularly admire how cleverly you've worked a few macabre hints into the hoard suggesting that the material rewards of mining into it on the quiet are NOT worth the mortal peril one is likely to risk by sneaking out with a few 'souvenirs').